Get Cash Back and $0 Commissions
+ The Power of TradeStation
Newsfile 26-May-2023 12:42 PM
San Francisco, California--(Newsfile Corp. - May 26, 2023) - Hagens Berman urges Snowflake Inc. (NYSE:SNOW) investors who suffered substantial losses to submit your losses now.
Contact An Attorney Now: SNOW@hbsslaw.com
Snowflake Inc. (SNOW) Investigation:
In past quarters, Snowflake has touted the strong demand for its data warehousing and the advantages of its consumption pricing model, which charges customers based on how much they use its products.
On May 24, 2023, Snowflake announced its Q1 2024 financial results, which brought a new forecast for FY 2024 product revenue of $2.6 billion, below the $2.705 billion outlook that management had most recently offered, which itself was a lowered target.
In response, Bernstein analyst Mark Moerdler slashed his price target for the company, claiming Snowflake shares would likely "be in the penalty box" in light of a "massive slowdown" in the business and "persistent" cuts to guidance. Moerdler saw several concerning factors in Snowflake's report, including "that growth is impacted not just by a slower uptake of new projects but shrinkage in existing workloads." Moerdler concluded that the trend "raises questions about the criticality of the workloads and durability of growth."
These events sent the price of Snowflake shares crashing lower on May 25, 2023.
"We're focused on investors' losses and whether Snowflake may have misled investors about the sustainability of its revenue growth," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Snowflake and have substantial losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Snowflake should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SNOW@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/167688